GBP/USD Weekly Forecast – 08 February – 12 February

Sterling was pushed higher in the course of the last week, breaking even above 1.4650 handle, but around this area pair found some amount of resistance in order to pullback, especially after dovish BoE Meeting Minutes and finish the week slightly below major both supportive and resistive point at 1.46 handle. As for next week, we would pay attenion to UK Industrial Production figures. We can expect some amount of support around 1.4350 area, which was previously resistive and resistance above 1.46 handle as this was the case last week. We do expect a bit steadier initial part of the week. Read more...

GBP/USD Daily Forecast – 05 February

Focus of yesterday's session was on BoE interest rate decision and the following Minutes.Bank of England policy maker Ian McCafferty dropped his call for an interest-rate increase as officials cut their growth and inflation forecasts and signaled borrowing costs will stay low. The Monetary Policy Committee led by Governor Mark Carney left the benchmark at a record-low 0.5 percent, as the nine-member panel voted unanimously for the first time since July last year. While the rate outcome was forecast by all economists in a Bloomberg survey, just three out of 25 predicted the vote switch. 

GBP/USD Daily Forecast – 05 February

Sterling was initially pushed higher in the course of the session on Thursday, but pair pulled back after dovish BoE Meeting Minutes, going all the way to 1.4530 level, where pair found some amount of support. Tomorrow, pair is likely to find support around 1.45 handle, as this was major resistive point in the past and resistance above 1.4670 and 1.47 handle in extension so this is where we would consider placing short-term selling bids. Read more...

BoE left interest rates unchanged, cuts growth and inflation forecasts